What will happen to the Wanamaker Building? With occupancy plummeting, there’s no easy answer.

What will happen to the Wanamaker Building? With occupancy plummeting, there's no easy answer.
The office buildings facing the most vexing challenges are those with the lowest occupancy and highest debt. In Philadelphia, a prime example is the hulking Wanamaker Building, just east of City Hall. The office portion of this historic building is only 23% occupied and has been in receivership since September. Its historic status restricts renovation options, and its large size, occupying an entire city block, adds to the complexity.
*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Architecture Firms Moving Out of Center City

Architecture Firms Moving Out of Center City
Seeking a new design for its office, architecture firm Ballinger is relocating from its 21-year home in Washington Square West to a new location just south of the Benjamin Franklin Parkway. Currently occupying 44,000 square feet at 833 Chestnut St., Ballinger plans to move to 46,500 square feet at 1650 Arch St. in May 2025. While Ballinger Senior Principal Terry Steelman described it as a lateral move in terms of space, the key advantage lies in transitioning to an office customized with modern technology and designed for contemporary practices. The lease at 1650 Arch St. is for 12 years.
*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Lubert-Adler and Keystone are Finalizing a Deal to Acquire the Bourse and 400 Market

Lubert-Adler and Keystone are Finalizing a Deal to Acquire the Bourse and 400 Market

Philadelphia developers Lubert-Adler Real Estate Funds and Keystone Development and Investment are finalizing a deal to purchase the Bourse building and 400 Market St., according to multiple industry sources. The joint venture plans to convert these Old City properties to new uses.

This purchase marks Lubert-Adler’s latest investment in converting historic properties during the office downturn and will add to Keystone’s portfolio near Independence Mall.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Discount Offer on Office Buildings

Discount Offer on Office Buildings

While office values plummet and vacancy rates reach record highs, developer Ori Feibush sees the buyer’s market as “the best real estate opportunities we’ve seen in our professional lives.” To demonstrate this, he recently acquired a five-story Old City building that’s 30% occupied, with plans to keep it as office space.

Feibush, president of OCF Realty, purchased the 136,000-square-foot office building at 399 Market St. from Colonial Penn Life Insurance for $14 million, a 38% discount from its assessed value of $22.6 million. He estimates the building would have been worth around $40 million before the office market’s decline in 2020.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Former GSK Building Fails to Sell

Former GSK Building Fails to Sell

The former GlaxoSmithKline office building at the Navy Yard failed to sell at a sheriff’s sale on Tuesday, adding another layer to its ongoing foreclosure saga. The 207,779-square-foot property at 5 Crescent Drive was put up for public auction on the Bid4Assets platform to satisfy a foreclosure judgment against owner Korea Investment Management Co. Ltd. However, the highest bid of $4 million fell short of the seller’s reserve amount set by Rialto Capital Management, the special servicer for a $78.5 million debt backed by the property and held by commercial mortgage-backed security (CMBS) investors.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane, Growing Fast, to Open Center City Office

Hamilton Lane will soon expand its presence by opening a Center City office at One Logan Square, complementing its relatively new headquarters in Conshohocken. The investment firm has secured an eight-and-a-half-year lease for 7,981 square feet on the 24th floor of the Brandywine Realty Trust-owned building at 130 N. 18th St. The move is scheduled for September. Co-CEO Erik Hirsch mentioned that this expansion reflects Hamilton Lane’s growing international footprint, with 14 of its 21 offices located abroad in countries such as Canada, Mexico, Israel, Australia, Europe, and Asia. The new space at One Logan will provide conference facilities for hosting events and meetings.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Developers are Considering Demolishing Center City Office Towers

Developers are Considering Demolishing Center City Office Towers

An increasingly pressing question looms over older office buildings in Center City: What fate awaits them? Some local developers speculate that aging, lower-quality high-rises might vanish from Philadelphia’s skyline. While demolition is a typical aspect of the real estate cycle, the prospect of dismantling 30-story office towers is both rare and striking. However, extreme situations can breed unconventional solutions.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Center City Office Building for Sale with Conversion Potential

Center City Office Building for Sale with Conversion Potential

A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2 million, the property could be converted into multifamily residential or life sciences lab space, according to JLL, the brokerage handling the sale. Located in a CMX-4 zone, it allows for mixed-use and up to 80,415 square feet by right, with potential expansion to 144,747 square feet with additional bonuses.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Mayor Wants All City Workers Back In Person

Mayor Wants All City Workers Back In Person

Mayor Cherelle Parker announced on Monday that she is mandating all city employees to resume in-person work five days a week. This new directive will take effect on July 15, requiring over 25,000 city workers to return to their job sites full-time. It echoes Mayor Parker’s earlier encouragements to employers throughout Philadelphia to increase the frequency of office attendance among their staff.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Office Building in Center City for Sale, Ideal for Redevelopment

Office Building in Center City for Sale, Ideal for Redevelopment

A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway with an 18-story, 438,000-square-foot headquarters for Chubb Insurance at 2000 Arch St., while to the west, MM Partners is transforming an eight-story, 121,500-square-foot office building into apartments.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.